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Crude oil futures slip lower but Ukraine tensions still support

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Investing.com -

Investing.com - Crude oil futures slipped lower during early European trading hours on Friday, as markets eyed the release of U.S. consumer sentiment data later in the day, but remained supported as concerns over fresh tensions in Ukraine prompted investors to turn to safer assets.

On the New York Mercantile Exchange, crude oil for delivery in June traded at $101.76 a barrel during European morning trade, down 0.16%.

The June contract settled up 0.49% on Thursday to end at $101.94 a barrel.

Oil futures were likely to find support at $100.75 a barrel, the low from April 8 and resistance at $103.58 a barrel, the high from April 22.

Market participants were eyeing upcoming U.S. data after a report on Thursday showed that U.S. durable goods orders rose more than expected in March, fuelling optimism over the strength of the country's economic recovery.

The Commerce Department reported that U.S. orders for long lasting manufactured goods rose 2.6% last month, ahead of expectations for a 2% gain.

Core durable goods orders, which exclude volatile transportation items, rose 2% in March, easily surpassing forecasts for a 0.6% gain.

Separately, the Labor Department said the number of people who filed for unemployment assistance in the U.S. last week rose by 24,000 to 329,000. Despite the increase the underlying trend indicated continued strength in the labor market.

Meanwhile, oil prices remained supported by renewed tensions in Eastern Europe, after Ukrainian forces killed up to five pro-Moscow rebels on Thursday. In response, Russia launched army drills near the border, sparking fears its troops would invade.

U.S. Secretary of State John Kerry said Washington was drawing closer to imposing more sanctions on Moscow.

Elsewhere, on the ICE Futures Exchange, Brent oil for June delivery dipped 0.06% to trade at $110.26 a barrel, with the spread between the Brent and crude contracts standing at $8.5 a barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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